Endoscopy Capsule Market to Grow at a CAGR of 8.13% During the Forecast Period
Growing prevalence of chronic diseases is driving the global
endoscopy capsule market growth in the forecast period.
According to TechSci
Research report, “Global Endoscopy Capsule Market By Product Type (Small
Bowel, Esophageal, Colon) By Accessories (Wireless Capsule v/s Workstation and
Receiver) By Application (Obscure Gastrointestinal
Bleeding, Crohn’s Disease, Small Intestine Tumor, Others) By End User
(Hospitals & Clinics, Diagnostic Centers, Others) By Company, By Region,
Competition Forecast & Opportunities, 2026”, global endoscopy capsule
market was valued USD409.78 million, in value terms, in 2020 and is forecast to
grow at CAGR of 8.13% to reach USD647.60 million by 2026. Factors like the increasing
geriatric population and their tendency to be infected with gastrointestinal
diseases like Chronic Rhinosinusitis CRS, inflammatory bowel disease and
appendicitis are supporting the growth of the global endoscopy capsule market.
The pill form of the camera is completely safe and can be ingested orally. The
capsule is embedded with a camera which travels through the gastrointestinal tract
while capturing pictures. Additionally, owing to the advantages attached such
as real-time visualization of the entire small intestine and faster &
easier diagnosis, healthcare professionals, and patients are shifting their
preference from conventional methods such as double-balloon enteroscopy to
endoscopy capsules. This in turn is expected to drive the market growth over
the next few years. Technological advancement in the endoscopy capsule is
anticipated to further enhance the chances of making it the gold standard for
diagnosis of small bowel diseases and thereby boost the global endoscopy
capsule market growth. However, the lack of awareness pertaining to the
availability and use of endoscopy capsule, especially in the developing nations,
can hamper the market growth through 2026. Also, the endoscopy capsule is quite
expensive. As a result, patients prefer traditional endoscopic procedures over
endoscopy capsules. This in turn can restrict the market growth during the
forecast period.
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The
global endoscopy capsule market is segmented based on product type,
accessories, application, end user, regional distribution, and company. Based
on application, the market is further categorized into obscure gastrointestinal
bleeding, crohn’s disease, small intestine tumor, and others. The obscure
gastrointestinal bleeding segment dominated the overall market with a share of
around 45.19% in 2020 on account of the fact that endoscopy capsule procedure
is more effective than barium rays method in the diagnosis of obscure
gastrointestinal bleeding. Endoscopy
capsule is widely used for the diagnosis of occult bleeding in the duodenum as
well as the diagnosis of Crohn’s disease and small bowel tumors.
Some
of the major competitors in the market are Medtronic Plc., Olympus Corporation,
Fujifilm Holding Corporation, IntroMedic Co., Ltd., CapsoVision, Inc., RF
System lab (RF Co., Ltd), Boston Scientific Corporation, Chongqing Jinshan
Science & Technology (Group) Co. Ltd, AnX Robotica Corporation, and Check-Cap
Ltd. The companies are focusing on extensive research and development
activities to stay competitive in the market. Other competitive strategies
include formation of alliances and partnerships.
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“Gastrointestinal disorders and colorectal cancer cases are rapidly
rising in the North America region. Although the region has excellent health
care services, the practice of sedentary lifestyle is influencing the increase
in the number of patients. Favorable reimbursement plans, new investments and
development of advanced technology are expected to help new players in the
market,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global Endoscopy Capsule
Market By Product Type (Small Bowel, Esophageal, Colon) By Accessories
(Wireless Capsule v/s Workstation and Receiver) By Endoscope Type (Capsule
Cystoscopies v/s Capsule Neuro-Endoscopes) By Application (OGIB (Obscure
Gastrointestinal Bleeding), Crohn’s Disease, Small Intestine Tumor, Others) By
End User (Hospitals & Clinics, Diagnostic Centers, Others), By Region,
Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential
of the global endoscopy capsule and provides statistics and information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the global endoscopy
capsule.
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